ACIU AC Immune SA
Price Chart
Executive Summary
AC Immune reported Q1 2026 results with a net loss of CHF 14.8 million, improved from CHF 19.0 million a year ago, and cash of CHF 74.8 million funding into Q4 2027. Key catalysts include a $12M milestone from Takeda for the ABATE trial, a CHF10M upfront from an amended Lilly collaboration, and multiple upcoming data readouts in H2 2026. The narrowing loss and non-dilutive partnership cash are positive, but the company remains pre-revenue with no approved products, making sentiment neutral.
Actionable Insight
Monitor upcoming catalysts: 12-month interim ABATE data (Q2 2026) and full VacSYn Phase 2 data (H2 2026) are key value inflection points. The Lilly amendment provides near-term cash but the stock will move on clinical data readouts, not financials.
Key Facts
- Net loss of CHF 14.8 million for Q1 2026, improved from CHF 19.0 million in Q1 2025
- Cash resources of CHF 74.8 million as of March 31, 2026, providing funding into Q4 2027
- Initiated final cohort AD4 in ABATE Phase 1b/2 trial of ACI-24, triggering a $12 million milestone payment from Takeda
- Amended Morphomer Tau collaboration with Lilly includes a CHF10 million upfront payment (Q2 2026) and potential milestones over CHF1.7 billion
- Dosed first subjects in Phase 1 trial of NLRP3 inhibitor ACI-19764; results expected H2 2026
- R&D expenses decreased to CHF 11.8 million from CHF 15.9 million year-over-year
- Total revenue of CHF 1.1 million from contract revenue, up from CHF 0.99 million in Q1 2025
Financial Impact
Net loss improved by CHF 4.2 million year-over-year; cash burn rate reduced; $12M milestone and CHF10M upfront provide non-dilutive capital
Risk Factors
- Pre-revenue biotech with no approved products; dependent on clinical trial success
- Cash runway only into Q4 2027; may require future dilutive financing if milestones delayed
- Janssen's ReTain study enrollment paused pending protocol amendment — potential setback for pTau program
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0000950103-26-006499 |
| Document: dp245995_6k.htm | 0000950103-26-006499 |
| Document: 0000950103-26-006499-index-headers.html | 0000950103-26-006499 |
| Document: 0000950103-26-006499-index.html | 0000950103-26-006499 |
| Document: 0000950103-26-006499.txt | 0000950103-26-006499 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
1d ago
|
6-K
| $2.26 awaiting T+5 | awaiting T+5 | — | $2.31 (+2.21%) |
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May 22, 2026
22d ago
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Press Release
| $2.83 $2.46 | ▼ −13.07% | ▼ −14.73% | $2.31 (−18.37%) |
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May 15, 2026
28d ago
|
6-K
| $2.79 $2.83 | ▲ +1.43% | ▲ +0.47% | $2.31 (−17.20%) |
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May 12, 2026
4w ago
|
6-K
| $2.77 $2.77 | · 0.00% | ▼ −0.08% | $2.31 (−16.61%) |
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Apr 30, 2026
6w ago
|
6-K
| $3.03 $2.92 | ▼ −3.63% | ▼ −5.36% | $2.31 (−23.76%) |
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Apr 30, 2026
6w ago
|
Press Release
| $3.03 $2.92 | ▼ −3.63% | ▼ −5.36% | $2.31 (−23.76%) |
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Apr 30, 2026
6w ago
|
Press Release
| $3.03 $2.92 | ▼ −3.63% | ▼ −5.36% | $2.31 (−23.76%) |
|
Apr 7, 2026
9w ago
|
6-K
| $3.11 $3.19 | ▲ +2.57% | ▼ −2.76% | $2.31 (−25.72%) |
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Apr 7, 2026
9w ago
|
Press Release
| $3.11 $3.19 | ▲ +2.57% | ▼ −2.76% | $2.31 (−25.72%) |
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Apr 1, 2026
10w ago
|
3
| $2.76 $3.28 | ▲ +18.84% | ▲ +15.22% | $2.31 (−16.30%) |
US Market Status
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